Summer Sale 2024 Guide for Leather Goods and Fashion Accessories Retailers

Are you a leather goods retailer? Taking advantage of the summer sale to clear stock and renew your collections of bags and fashion accessories is crucial for your business. However, with intensified competition from large franchise brands in your area and online discount retailers who heavily advertise during the sales, specific strategies are needed to stand out. Here's a detailed guide prepared by Tom & Eva to help you maximise your sales during the summer sale, tailored to your specific situation.

 

Identify Your Main Objective

 

Before defining your sales strategies, it is recommended to identify your main objective for the summer sale 2024. This will determine the actions to prioritise and implement:

 

• If you want to clear outdated stock and increase sales: If you have a lot of bags to clear during the sale, larger discounts than your direct competitors are necessary. Also, create bundle offers to speed up the clearance of your inventory.
• If your goal is to break your sales record: If you want to take on the challenge of generating the maximum revenue, offer high-end bags at competitive prices from the start. Leather bags and bundles of synthetic bags from the same collection but in different sizes are ideal for meeting this challenge during the event.

 

Summer Sale Periods and Recommendations for Leather Goods Retailers

 

The summer sale in the UK generally occurs in three distinct phases, each with its own characteristics and opportunities to maximise sales.

 

First Period: Beginning of the Sale

During the first period, discounts are often moderate, between 20% and 30%. Customers are looking for the best deals, but the most attractive items are still in stock. For leather goods retailers, this is the ideal time to highlight your key bag models, such as high-quality leather bags and new season items. You can offer time-limited discounts on these items to encourage impulse purchases from the beginning.

 

Second Period: Mid-Sale

In the middle of the sale, discounts generally increase to between 40% and 50%. Customers find interesting products at more attractive prices. This is the time to highlight trendy bags and accessories with ample stock. To maximise your sales, create bundle offers, such as a handbag and a leather wallet, at a reduced price.

 

Third Period: End of the Sale

The final period of the sale is marked by very significant discounts, often exceeding 50%. The bags displayed in the windows are generally less appealing, but the low and shocking prices can excite bargain hunters. For leather goods retailers, this is the time to clear outdated bags and free up space in your displays for new collections. Offer additional discounts for bulk purchases, such as "Buy one, get the second at 70% off." Highlight accessories like wallets and belts, which are always sought after, even at the end of the sale.

By skillfully navigating these three periods, leather goods retailers can not only clear their stock but also attract and retain a diverse clientele throughout the summer sale.

 

Use These Tips According to Your Goals

These tips are not necessarily to be followed to the letter; you need to think about your goals during the sale. If you only wish to clear your bags, nothing stops you from offering significant discounts at the beginning of the sale to stand out from your competitors. Similarly, for retailers who want to maximise their margins, you can develop a coherent strategy for the entire sale duration. Thus, when the end of the sale approaches and all your competitors have sold their best bag models, you can continue to showcase them in your window.

 

Other Practical Tips for Leather Goods Retailers During the Sale

 

Customer Loyalty

Faced with competition from low-cost online sellers, especially pure players selling at factory prices, implement loyalty programs during the sale to take advantage of the increased foot traffic during this period.

 

Use of Social Media

Inform your loyal customers with photos of discounted bags, but avoid overwhelming them with poor-quality content and off-topic posts during the sale.

 

Special Packaging During the Sale and After-Sales Service

Invest in attractive packaging and shopping bags during the sale, as these items will advertise for you for free. Highlight the argument of excellent after-sales service, which is important for independent retailers and will dissuade customers from buying cheaper bags online.

 

Limited-Time Offers

Set up daily or weekly flash offers to create a sense of urgency. Also, attract customers who prioritise design and style over price with limited-time offers on higher-quality items.

 

Pricing Strategy Against Competition

Monitor your competitors' prices and adjust yours accordingly. If you have a physical store, visit your competitors to study their prices during the sale. Offer progressive discounts or special offers to attract customers who are undecided between you and your competitors. For online retailers, avoid price wars, focus on differentiation and the bag models to put on sale.

 

 

Specific Tips for Different Types of Retailers

 

 

For City Centre Store Owners

 

City centre stores benefit from a constant flow of customers but must stand out from direct competitors and large franchises.

• Attractive and Thematic Window Display: Create an irresistible window display with a summer theme. Use bright colors and accessories that evoke holidays and sunshine. Regularly change the items in the window to show the diversity of your stock. Unlike large chains, small local retailers have more flexibility in terms of creativity. Invite a local artist to create a bold decoration or invite jewelry artisans to co-create a unique window display.

 

For Online Leather Goods Stores

 

The competition online is particularly fierce, especially during the sale.

• SEO Optimisation During the Sale: Ensure your site is well-referenced on Google for terms related to the sale. Creating a blog is a good idea; you can also create a dedicated sale page with appropriate titles and descriptions.
• Promotions and Private Sales During the Sale: Offer exclusive discount codes to your newsletter subscribers. Highlight promotions on your homepage and social media.

 

For Marketplace Sellers

 

Marketplaces offer great visibility but intense competition.

• Dedicated Titles and Descriptions for the Sale and Specific Visuals: Write detailed and engaging descriptions for each product during the sale. Use a different product photo style to increase your chances of being seen.
• Use of Automatic Pricing Rules: Implement pricing rules based on criteria during the sale and adjust your prices according to demand and competitors' offers.

 

For Mobile Stand Sellers

 

Mobile stands have the advantage of being able to move to where customers are. Maximise this asset during the sale.

• Choice of Locations: Set up in high-traffic areas. In case of competitors' presence, choose locations away from those selling similar products and place yourself next to competitors offering products of different styles or materials to amplify your influence without spending a penny.
• Instant Offers and Games: Offer special discounts for immediate purchases. Organise games or raffles to attract more people to your stand.

 

For Hair Salons and Makeup Studios

 

Hair salons and makeup studios can take advantage of the sale to offer cross-selling opportunities.

• Displays in the Salon: Install displays with handbags and accessories at the checkout or in waiting areas. Highlight products that complement the services you offer.
• Combined Offers and Discounts: Offer discounts on accessories for any hair or makeup service purchased. For example, a handbag at a reduced price with a makeup session.

 

 

We hope these tips are useful and that you can adapt the proposed strategies to your actual situation, maximising your chances of success during the summer sale 2024. Good luck!